AIC 304 STUDY EXAM NEWLY RELEASED VERSION OF EXAM
QUESTIONS AND VERIFIED ANSWERS FOR ACCURATE TEST
PREPARATION
.
Only ANSWER A. Property insured under Coverage A--Dwelling is covered
under the insurance-to-value clause frequently seen in homeowners policies.
B. Private property.
C. Property covered by Coverage B--Other Structures and Coverage A--
Dwelling.
D. Property covered by Other Structures (Coverage B)
C
Benjamin is in charge of a merchandise loss as a claims representative. In order
to save damaged objects, find the best market for salvageable items, compile an
inventory of the damaged goods, evaluate their value, and supervise the sale, he
requires someone. ANSWER A. Wholesaler is the person Benjamin should hire.
B. Salvor.
C. A public adjuster.
D. junk trader.
B
Philip works for Goshen Insurance as a claims representative. He is attempting
to ascertain whether the organization that is legally responsible for the cargo
loss is covered by the MTC policy while working on a motor truck cargo
(MTC) liability claim. Which of the following needs to be reviewed by Philip in
addition to the general MTC policy? ANSWER A. The vehicle schedule
B. The trip transit policy of the insured
C. The terminals' schedule
D. The bill of lading's carrier section
D
, Tyrone and Brenda have a $1,200 monthly mortgage and are homeowners.
After a fire damages their house, it will likely take several months to restore it.
During the restoration process, they pay $1,500 a month to rent an apartment.
Which of the following claims about their additional living expenditures under
ISO homeowners policy forms' Coverage D is truest? ANSWER A. The entire
amount of their mortgage and the rent for their temporary apartment, $2,700,
would be reimbursed.
B. The entire cost for their temporary residence, $1,500 a month, would be
covered.
C. The $300 monthly difference between their mortgage and short-term rent
would be paid.
D. Since additional living expenses are only covered if the cost of temporary
accommodation is equal to or less than the cost of the damaged property, there
would be no coverage.
B
Katarina, a claims representative, is speaking with the insured about a property
loss occurrence. She has questioned him about whether there was a sudden and
dramatic outburst of physical forces, a loud boom, or a violent expansion of air.
Katarina is attempting to ascertain whether there was a fire.
B. reasons to reject the assertion.
C. if there was an explosion.
D. reasons to believe the claim.
C
Alex is a claims adjuster who is working on a theft claim involving covered
property. Alex should start by confirming who is the owner of the property that
has been reported stolen (ANSWER A).
B. Determine the policy's limitations and whether theft is a covered loss.
C. Ascertain who is entitled to insurance coverage for the property.
D. Obtain the incident's police report.
B
QUESTIONS AND VERIFIED ANSWERS FOR ACCURATE TEST
PREPARATION
.
Only ANSWER A. Property insured under Coverage A--Dwelling is covered
under the insurance-to-value clause frequently seen in homeowners policies.
B. Private property.
C. Property covered by Coverage B--Other Structures and Coverage A--
Dwelling.
D. Property covered by Other Structures (Coverage B)
C
Benjamin is in charge of a merchandise loss as a claims representative. In order
to save damaged objects, find the best market for salvageable items, compile an
inventory of the damaged goods, evaluate their value, and supervise the sale, he
requires someone. ANSWER A. Wholesaler is the person Benjamin should hire.
B. Salvor.
C. A public adjuster.
D. junk trader.
B
Philip works for Goshen Insurance as a claims representative. He is attempting
to ascertain whether the organization that is legally responsible for the cargo
loss is covered by the MTC policy while working on a motor truck cargo
(MTC) liability claim. Which of the following needs to be reviewed by Philip in
addition to the general MTC policy? ANSWER A. The vehicle schedule
B. The trip transit policy of the insured
C. The terminals' schedule
D. The bill of lading's carrier section
D
, Tyrone and Brenda have a $1,200 monthly mortgage and are homeowners.
After a fire damages their house, it will likely take several months to restore it.
During the restoration process, they pay $1,500 a month to rent an apartment.
Which of the following claims about their additional living expenditures under
ISO homeowners policy forms' Coverage D is truest? ANSWER A. The entire
amount of their mortgage and the rent for their temporary apartment, $2,700,
would be reimbursed.
B. The entire cost for their temporary residence, $1,500 a month, would be
covered.
C. The $300 monthly difference between their mortgage and short-term rent
would be paid.
D. Since additional living expenses are only covered if the cost of temporary
accommodation is equal to or less than the cost of the damaged property, there
would be no coverage.
B
Katarina, a claims representative, is speaking with the insured about a property
loss occurrence. She has questioned him about whether there was a sudden and
dramatic outburst of physical forces, a loud boom, or a violent expansion of air.
Katarina is attempting to ascertain whether there was a fire.
B. reasons to reject the assertion.
C. if there was an explosion.
D. reasons to believe the claim.
C
Alex is a claims adjuster who is working on a theft claim involving covered
property. Alex should start by confirming who is the owner of the property that
has been reported stolen (ANSWER A).
B. Determine the policy's limitations and whether theft is a covered loss.
C. Ascertain who is entitled to insurance coverage for the property.
D. Obtain the incident's police report.
B
